Dubai: GoldenTree Asset Management is opening an office in Dubai, the latest firm to expand operations to the region as the business hub seeks to attract dozens of hedge funds to the emirate.
The New York-based credit trading specialist has hired Han Gurer, a former executive at Ares Management, to oversee its business development in the region, according to a company statement. He will report to GoldenTree’s CEO Kathy Sutherland.
The firms joins a cohort of peers such as Millennium Management, ExodusPoint Capital Management and Balyasny Asset Management in opening offices in Dubai as the center fast emerges as a favored destination for hedge fund traders who are drawn by its ease of doing business, tax-free status and allure as a global travel hub.
The move bolsters Dubai International Financial Centre’s ambitious plan to bring big investment managers. The business hub has said that it’s in talks with more than 50 hedge funds jointly managing over $1 trillion worth of assets about setting up in the Middle East in the center.
GoldenTree, founded in 2000 by Steve Tananbaum, manages about $49 billion.